Core Viewpoint - The company reported a strong performance in the third quarter of 2025, with significant year-on-year growth in both revenue and net profit, indicating a positive trend in its financial health and operational efficiency [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.384 billion yuan, representing a year-on-year increase of 19.49%, and a net profit attributable to shareholders of 185 million yuan, up 14.12% [1]. - In the third quarter of 2025 alone, the company generated a revenue of 513 million yuan, reflecting a year-on-year growth of 20.65%, with a net profit of 60 million yuan, which is a 3.93% increase compared to the same period last year [1]. Cost and Margin Analysis - The gross margin for the first three quarters of 2025 was 24.39%, down 2.56 percentage points year-on-year, while the net profit margin was 13.36%, a decrease of 0.63 percentage points [2]. - In the third quarter of 2025, the gross margin was 23.63%, down 2.77 percentage points year-on-year, and the net profit margin was 11.6%, a decline of 1.87 percentage points [2]. - The increase in management expense ratio was attributed to listing costs and rising employee compensation, depreciation, and amortization [2]. Government Support - The company received government subsidies amounting to 47 million yuan in the first three quarters of 2025, with 2.62 million yuan received in the third quarter [2]. Global Expansion - The company has established multiple production bases domestically and is focusing on the biodegradable food service market, allowing for customized and large-scale production to meet diverse customer needs [2]. - The company completed its first shipment from its Thailand factory in April 2025, marking a significant step in its global production strategy [2]. Investment Outlook - The company is expected to maintain its leading position in the biodegradable food service sector, with projected revenues of 1.761 billion yuan, 1.949 billion yuan, and 2.089 billion yuan for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 10.5%, 10.7%, and 7.2% [3]. - Net profits are forecasted to be 240 million yuan, 260 million yuan, and 284 million yuan for the same years, with corresponding growth rates of 9.1%, 8.4%, and 9.1% [3].
恒鑫生活(301501)：25Q3业绩稳健 积极布局全球化生产